Big Bucks for the Blockchain
The Open Network (TON) just hit the jackpot, securing a massive eight-figure investment from none other than MEXC Ventures, the venture arm of the popular cryptocurrency exchange MEXC. This partnership, announced on October 4, aims to roll out the red carpet for Web3 newcomers by reducing the barriers to entry.
Marketing Magic in the Works
What’s in it for MEXC, you ask? As part of the deal, the exchange is itching to flex its marketing muscles on behalf of TON-based projects listed on its platform. There are talks of launching a TON collateral lending service and eliminating trading fees for the TON token. Sounds great, right? Justin Hyun, the director of growth at the TON Foundation, says the previous trading costs were akin to a brick wall for many users.
A Mini-App Wonderland
MEXC Ventures is not just throwing money into the pot; they’re dishing out ongoing support for TON-based projects like Megaton Finance, TONPlay, Fanzee, and Sonet. The mission? To boost the adoption of the Web3 ecosystem within Telegram, bringing digital currency to folks as effortlessly as sending a text message. “The technology should be convenient and easy to use for anyone, no matter their knowledge of the world of blockchain,” Hyun explains.
Telegram’s Triangular Dance with TON
Telegram founder Pavel Durov is steering the ship too, emphasizing the importance of the TON blockchain in Telegram’s potential Web3 expedition. In a recent move, Telegram incorporated the TON Wallet as a mini-app, allowing users to access cryptocurrencies such as Toncoin (TON), Bitcoin (BTC), and Tether (USDT) right within the app. Durov remains clear that TON is an open-source project, developed by the community, with Telegram merely providing a supportive platform.
The KYC Conundrum
MEXC has garnered attention for its flexible Know Your Customer (KYC) policies, which give users the freedom to trade cryptocurrencies like Bitcoin without the bureaucracy of typical KYC procedures. However, crypto aficionados are divided on this: while some hail it as innovation, others caution that using a non-KYC exchange could come with risks, especially if the exchange falls victim to hackers. MEXC claims to be daily trading around $600 million and assures users of its licensing in several countries.
